New Delhi: Indian Oil Corporation (IOC), India’s largest oil refining and marketing company, announced a landmark achievement for FY 2024-25 by surpassing the historic sales volume milestone of 100 million metric tonnes. Despite global geopolitical tensions and energy sector uncertainties, the company delivered robust financial performance, highlighting resilience and strategic growth.
Record Financial Performance and Operational Highlights
At the company’s 66th Annual General Meeting held in New Delhi, Chairman A S Sahney reported that IOC’s revenue from operations for FY 2024-25 reached ₹8.45 lakh crore, positioning it among India’s top three corporates by turnover. The net profit stood at ₹12,962 crore, the highest among public sector oil marketing companies (OMCs), despite challenges such as weaker refining margins and currency exchange losses.
The strong momentum continued into the first quarter of FY 2025-26, with IOC registering its highest-ever quarterly sales and a consolidated net profit of ₹6,808 crore, nearly double compared to the same period last year.
Project SPRINT: Transforming Business for the Future
Indian Oil unveiled Project SPRINT, a comprehensive transformation initiative aimed at strengthening core business areas, optimizing operational costs, enhancing customer experience, driving innovation, and accelerating the energy transition. The company’s refineries are aggressively working towards achieving top global benchmarking standards.
Further, IOC’s retail expansion has been rapid, with nearly half of all new PSU OMC retail outlets commissioned since April 2025 belonging to Indian Oil. Non-fuel retail revenues surged 49% year-on-year during the first four months of FY 2025-26, reflecting diversification beyond traditional fuel sales.
Capacity Expansion and Energy Transition Initiatives
Indian Oil is expanding its refining capacity from 80.75 million metric tonnes per annum (MMTPA) to 98.4 MMTPA by 2028. Major capacity enhancement projects are underway at Panipat, Gujarat, and Barauni refineries. The company’s pipeline network is expected to cross 22,000 km soon, while petrochemical production capacity is targeted to exceed 13 MMTPA by 2030.
In line with the global shift towards sustainable energy, IOC is actively developing electric mobility infrastructure, having installed nearly 14,000 EV charging stations nationwide. The company is also focused on solarising its retail outlets to reduce carbon footprints.
Innovation and Green Technologies
Indian Oil’s research and development efforts have yielded breakthrough technologies like the indigenous eCO₂Sorb carbon capture system. The company is making significant investments in green hydrogen, planning to set up the nation’s largest green hydrogen plant at Panipat.
In sustainable aviation fuel (SAF), Indian Oil became the first Indian refiner to secure ISCC-CORSIA certification and plans to commence SAF production at the Panipat refinery, supporting India’s decarbonisation goals.
Through partnerships like Terra Clean Limited and a joint venture with NTPC Green Energy, Indian Oil aims to expand its renewable energy portfolio from 1 GW to 18 GW within three years.
Social Impact and Sports Excellence
Indian Oil allocated ₹583 crore towards corporate social responsibility (CSR) in FY 2024-25, benefiting over 1.36 crore people. The CSR programs focus on healthcare, nutrition, education, and women empowerment.
IOC’s support to athletes has been exceptional, with company-sponsored sportspersons winning 239 medals, including 85 international medals, in 2024-25. The company’s commitment to para-athletes contributed significantly to India’s record performances on the global stage.
Forward-Looking Investments and Governance
In FY 2024-25, Indian Oil invested over ₹40,000 crore, accounting for more than 25% of the total capital expenditure among Petroleum Ministry public sector undertakings (PSUs). Over 160 projects worth ₹2.6 lakh crore are currently in progress, with a roadmap to invest ₹1.66 lakh crore over the next five years focusing on petrochemicals, natural gas, and renewable energy sectors.
Chairman Sahney reiterated IOC’s commitment to strict governance, robust vigilance, and adherence to regulatory standards. The company pledged ongoing innovation, service excellence, and expanding customer engagement to support India’s growth aspirations and contribute towards building a ‘Viksit Bharat’.
About IOCL
Indian Oil Corporation Limited (IOCL), trading as IndianOil, is a government-owned, integrated oil and gas company in India, a “Maharatna” company. Established in 1959, it’s the largest oil producer in the country and plays a crucial role in fulfilling India’s energy needs. IOCL’s activities range from refining and marketing petroleum products to exploring and producing crude oil and gas.
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